EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

 

LifeMD Reports Fourth Quarter and Full Year 2025 Results

 

Full year 2025 revenue grew 25% to $194.1 million; adjusted EBITDA rose 309% to $15.3 million.
   
Fourth quarter revenue increased 4% to $46.9 million; adjusted EBITDA rose 348% to $4.8 million.
   
Successfully launched oral Wegovy subsequent to year end, with over 80% of new weight management patients initiating branded therapy and Q1 sign-ups at record levels.
   
Exited 2025 with $36.8 million of cash and no debt, positioning LifeMD for accelerated investments in growth.
   
Benefits infrastructure on track to cover approximately 220 million Americans in second quarter; women’s health offering seeing strong early patient growth.

 

Conference call begins at 4:30 p.m. Eastern time today

 

NEW YORK, March 9, 2026 — LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care services, today reported financial results for the fourth quarter and year ended December 31, 2025.

 

Management Commentary

 

“LifeMD delivered strong fourth quarter results across all business lines and is entering its next phase of growth,” said Justin Schreiber, Chairman and CEO of LifeMD. “Our strategy of building a trusted and sustainable platform for virtual healthcare delivery is gaining momentum. Our weight management business is seeing record patient sign-ups in the first quarter at attractive acquisition costs. More than 100 million Americans are clinically eligible for GLP-1 therapy, yet only a fraction are currently being treated—a generational opportunity. Subsequent to year end, we launched oral Wegovy to help patients overcome real barriers around cost, access, and ongoing clinical support. With multiple catalysts ahead—including Medicare coverage for GLP-1 medications, expanded collaborations with GLP-1 manufacturers, and an infrastructure that supports both self-pay and insurance—LifeMD is uniquely positioned for long-term leadership in this transformative market.

 


“Beyond weight management, our highly differentiated specialty offerings continue to scale. Rex MD, our men’s health brand, delivered strong, profitable growth and recently launched oral Wegovy. Our women’s health business, focused on menopause, hormonal, and bone health, is seeing encouraging early patient growth and represents a deeply underserved population we are uniquely equipped to help. Underpinning all of this is a virtual care infrastructure that we believe sets LifeMD apart and positions the Company for success in the years to come: a 50-state medical benefits infrastructure expected to cover 220 million Americans by end of the second quarter, a highly specialized affiliated provider group, and a national affiliated pharmacy operation. This foundation, combined with unique and growing collaborations with some of the largest healthcare and pharmaceutical brands in the world, uniquely positions LifeMD to capture significant growth in 2026 and the years ahead,” concluded Mr. Schreiber.

 

 

 

 

“In our first quarter as a pure-play telehealth business, LifeMD delivered solid results with 4% revenue growth and a 348% increase in adjusted EBITDA. Our balance sheet has never been stronger—we exited the year with nearly $37 million in cash and no debt. This financial strength is a key asset as we invest aggressively in the expansion of our rapidly growing and diversifying platform. Our 2026 guidance reflects these investments, with annualized run-rate revenue expected to exceed $250 million and annualized adjusted EBITDA expected to exceed $25 million by the fourth quarter of 2026,” said Marc Benathen, LifeMD’s Chief Financial Officer.

 

Fourth Quarter Financial Highlights

 

All comparisons are with the fourth quarter of 2024. Non-GAAP financial measures referenced below are defined and reconciled to GAAP financial measures at the end of this press release.

 

Total revenue increased 4% to $46.9 million.
   
The number of active telehealth subscribers increased 16% to approximately 323,000 at quarter end.
   
Gross margin expanded to 87%, up from 81% in the prior-year period, reflecting favorable revenue mix.
   
GAAP net loss from continuing operations attributable to LifeMD, Inc. common stockholders was $1.9 million or $0.04 per share compared to a net loss from continuing operations attributable to LifeMD, Inc. common stockholders of $6.8 million or ($0.16) per share in the prior-year period.
   
Including income from discontinued operations related to the sale of WorkSimpli, net income totaled $19.2 million, or $0.41 per share.
   
Adjusted EBITDA was $4.8 million compared to $1.1 million in the prior-year period.
   
Cash totaled $36.8 million as of December 31, 2025 and the Company had no debt as of year-end 2025.

 

Fourth Quarter Key Performance Metrics

 

($ in 000s)  Three Months Ended Dec. 31,   Y-o-Y   Twelve Months Ended Dec. 31,   Y-o-Y 
Key Performance Metrics  2025   2024   % Growth   2025   2024   % Growth 
Revenue                              
Revenue  $46,868   $45,137    4%  $194,055   $154,824    25%
                               
Adjusted EBITDA  $4,759   $1,062    348%  $15,254   $3,726    309%
                               
Active Subscribers   322,872    277,739    16%   322,872    277,739    16%

 

Financial Guidance

 

For the first quarter of 2026, the Company expects:

 

Revenue in the range of $48 million to $49 million.
   
Adjusted EBITDA loss of $4 million to $5 million, reflecting strategic front-loaded patient acquisition investment spend as the number of GLP-1 patient sign-ups doubled versus Q4 2025.
   
Adjusted EBITDA expected to return to profitability in Q2 as customer acquisition costs decline sequentially and the substantial rise in patient volumes becomes accretive for the balance of 2026.

 

For the full year 2026, the Company expects:

 

Revenue in the range of $220 million to $230 million, representing 13% to 19% year-over-year growth. Annualized run-rate revenue expected to exceed $250 million by Q4 2026, driven by GLP-1 and women’s health momentum.
   
Adjusted EBITDA in the range of $12 million to $17 million. Annualized run-rate adjusted EBITDA expected to exceed $25 million by Q4 2026, with substantial second-half accretion as weight management and women’s health investments mature.

 

 

 

 

Conference Call

 

LifeMD’s management will host a conference call today at 4:30 p.m. Eastern time to discuss the Company’s financial results and outlook, and answer questions. Details for the call are as follows:

 

Toll-free dial-in number:800-343-5172
International dial-in number: 203-518-9856
Conference ID: LIFEMD

 

A live and archived webcast will be available in the Investors section of the Company’s website at ir.lifemd.com.

 

About LifeMD, Inc.

 

LifeMD® is a leading provider of virtual primary care. LifeMD offers telemedicine, access to laboratory and pharmacy services, and specialized treatment across more than 200 conditions, including primary care, men’s and women’s health, weight management, and hormone therapy. The Company leverages a vertically integrated, proprietary digital care platform, a 50-state affiliated medical group, a state-of-the-art affiliated pharmacy, and a U.S.-based patient care center to increase access to high-quality and affordable care. For more information, please visit LifeMD.com.

 

Cautionary Note Regarding Forward Looking Statements

 

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, regulatory developments, legal events or outcomes, ability to comply with complex and evolving regulations, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.

 

Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.

 

Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.

 

Investor Contact

 

Marc Benathen, Chief Financial Officer

marc@lifemd.com

 

Media Contact

 

Jessica Friedeman, Chief Marketing and Product Officer

press@lifemd.com

 

Tables to Follow

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LIFEMD, INC.

CONSOLIDATED BALANCE SHEETS

 

   December 31, 2025   December 31, 2024 
ASSETS          
           
Current Assets          
Cash  $36,786,318   $32,651,801 
Accounts receivable   9,305,277    10,455,813 
Product deposit   320,217    40,763 
Inventory, net   2,773,576    2,797,358 
Other current assets   2,646,077    3,003,539 
Current assets of discontinued operations   -    3,420,086 
Total Current Assets   51,831,465    52,369,360 
           
Non-current Assets          
Equipment, net   2,444,717    1,439,573 
Right of use assets, net   5,267,857    6,228,559 
Capitalized software, net   10,604,946    9,305,919 
Intangible assets, net   262,334    53,336 
Non-current assets of discontinued operations   -    6,699,550 
Total Non-current Assets   18,579,854    23,726,937 
           
Total Assets  $70,411,319   $76,096,297 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)          
           
Current Liabilities          
Accounts payable  $14,149,154   $10,904,671 
Accrued expenses   15,974,016    21,756,619 
Current operating lease liabilities   642,422    320,082 
Current portion of convertible long-term debt   -    8,444,444 
Deferred revenue   10,807,773    17,097,854 
Current liabilities of discontinued operations   -    8,876,498 
Total Current Liabilities   41,573,365    67,400,168 
           
Long-term Liabilities          
Convertible long-term debt, net   -    9,885,057 
Non-current operating lease liabilities   5,681,374    6,279,004 
Non-current liabilities of discontinued operations   -    86,188 
Total Liabilities   47,254,739    83,650,417 
           
Commitments and Contingencies          
Stockholders’ Equity (Deficit)          
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding as of December 31, 2025 and  2024   140    140 
Common Stock, $0.01 par value; 100,000,000 shares authorized, 46,760,016 and 42,293,907 shares issued, 46,656,976 and 42,190,867 outstanding as of December 31, 2025 and 2024, respectively   467,600    422,939 
Additional paid-in capital   251,455,616    230,508,339 
Accumulated deficit   (228,603,075)   (239,850,931)
Treasury stock, 103,040 shares, at cost, as of December 31, 2025 and 2024   (163,701)   (163,701)
Total LifeMD, Inc. Stockholders’ Equity (Deficit)   23,156,580    (9,083,214)
Non-controlling interest of discontinued operations   -    1,529,094 
Total Stockholders’ Equity (Deficit)   23,156,580    (7,554,120)
Total Liabilities and Stockholders’ Equity (Deficit)  $70,411,319   $76,096,297 

 

 

 

 

LIFEMD, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   Fourth Quarter Ended December 31,   Year Ended December 31, 
   2025   2024   2025   2024 
Telehealth revenue, net  $46,868,484   $45,137,021   $194,055,198   $154,824,075 
Cost of telehealth revenue   6,025,408    8,391,484    27,714,808    21,440,799 
Gross profit   40,843,076    36,745,537    166,340,390    133,383,276 
                     
Expenses                    
Selling and marketing expenses   19,086,443    17,819,834    86,074,473    70,102,961 
General and administrative expenses   15,541,255    16,603,620    57,937,023    57,947,932 
Customer service expenses   2,493,087    2,831,985    11,579,636    10,217,654 
Other operating expenses   3,000,591    2,663,872    11,073,155    8,659,712 
Development costs   1,819,418    1,670,906    7,345,797    6,857,005 
Total expenses   41,940,794    41,590,217    174,010,084    153,785,264 
                     
Operating loss from continuing operations   (1,097,718)   (4,844,680)   (7,669,694)   (20,401,988)
                     
Other expenses                    
Interest expense, net   24,079    (610,954)   (1,360,967)   (2,175,405)
Loss on debt extinguishment   -    -    (1,155,851)   - 
Loss from continuing operations before income taxes   (1,073,639)   (5,455,634)   (10,186,512)   (22,577,393)
                     
Income tax provision   (13,898)   (598,000)   (45,721)   (598,000)
                     
Net loss from continuing operations   (1,087,537)   (6,053,634)   (10,232,233)   (23,175,393)
                     
Net income from discontinued operations   21,030,505    1,426,807    25,852,024    2,315,252 
                     
Net income (loss)   19,942,968    (4,626,827)   15,619,791    (20,860,141)
                     
Net (loss) income attributable to noncontrolling interests of discontinued operations   (20,697)   311,838    1,265,685    548,875 
                     
Net income (loss) attributable to LifeMD, Inc.   19,963,665    (4,938,665)   14,354,106    (21,409,016)
                     
Preferred stock dividends   (776,562)   (776,562)   (3,106,250)   (3,106,250)
                     
Net income (loss) attributable to LifeMD, Inc. common stockholders  $19,187,103   $(5,715,227)  $11,247,856   $(24,515,266)
                     
Basic earnings (loss) per share attributable to LifeMD, Inc. common stockholders                    
Continuing operations  $(0.04)  $(0.16)  $(0.30)  $(0.64)
Discontinued operations   0.45    0.03    0.54    0.04 
Basic earnings (loss) per share  $0.41   $(0.14)  $0.25   $(0.60)
                     
Diluted earnings (loss) per share attributable to LifeMD, Inc. common stockholders                    
Continuing operations  $(0.04)  $(0.16)  $(0.30)  $(0.64)
Discontinued operations   0.45    0.03    0.54    0.04 
Diluted earnings (loss) per share  $0.41   $(0.14)  $0.25   $(0.60)
                     
Weighted average number of common shares outstanding:                    
Basic   46,773,743    42,205,767    45,129,617    41,196,292 
Diluted   46,773,743    42,205,767    45,129,617    41,196,292 

 

 

 

 

LIFEMD, INC.

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   Fourth Quarter Ended December 31,   Year Ended December 31, 
   2025   2024   2025   2024 
                 
CASH FLOWS FROM OPERATING ACTIVITIES                    
Net income (loss)  $19,942,968   $(4,626,827)  $15,619,791   $(20,860,141)
Less: Net income from discontinued operations   21,030,505    1,426,807    25,852,024    2,315,252 
Net loss from continuing operations   (1,087,537)   (6,053,634)   (10,232,233)   (23,175,393)
Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by operating activities:                    
Amortization of debt discount   -    100,444    234,369    401,775 
Amortization of capitalized software   1,636,200    1,481,039    6,348,932    5,696,865 
Amortization of intangibles   31,918    6,666    94,002    26,667 
Accretion of consideration payable   -    -    -    13,644 
Depreciation of fixed assets   281,609    159,380    865,524    465,830 
Write-down of inventory   -    675,669    -    675,669 
Loss on debt extinguishment   -    -    1,155,851    - 
Noncash operating lease expense   217,495    220,622    960,702    672,983 
Stock compensation expense   2,655,143    3,104,956    10,496,321    12,234,797 
                     
Changes in Assets and Liabilities                    
Accounts receivable   (363,895)   661,327    1,150,536    (4,487,546)
Product deposit   50,301    95,992    (279,454)   445,087 
Inventory   658,806    (827,584)   23,782    (713,095)
Other current assets   915,702    (121,682)   357,463    (2,270,374)
Operating lease liabilities   (103,449)   (13,780)   (275,290)   (381,189)
Deferred revenue   (1,340,226)   (933,283)   (6,290,081)   9,826,219 
Accounts payable   (651,595)   1,043,605    3,244,483    4,176,113 
Accrued expenses   (4,998,738)   662,521    (5,782,603)   10,755,261 
Net cash (used in) provided by operating activities of continuing operations   (2,098,266)   262,258    2,072,304    14,363,313 
Net cash (used in) provided by operating activities of discontinued operations   (1,182,257)   811,043    6,207,871    3,149,877 
Net cash (used in) provided by operating activities   (3,280,523)   1,073,301    8,280,175    17,513,190 
                     
CASH FLOWS FROM INVESTING ACTIVITIES                    
Cash paid for capitalized software costs   (1,763,287)   (1,601,100)   (7,647,959)   (6,738,742)
Purchase of equipment   (190,704)   (212,287)   (1,870,668)   (1,463,357)
Net cash used in investing activities of continuing operations   (1,953,991)   (1,813,387)   (9,518,627)   (8,202,099)
Net cash provided by (used in) investing activities of discontinued operations   19,023,623    (907,340)   16,426,858    (3,334,219)
Net cash provided by (used in) investing activities   17,069,632    (2,720,727)   6,908,231    (11,536,318)
                     
CASH FLOWS FROM FINANCING ACTIVITIES                    
Repayment of debt instruments   -    -    (18,719,721)   - 
Sale of common stock under ATM, net   -    -    8,721,717    - 
Repayment of notes payable, net of prepayment penalty   -    -    -    (327,597)
Cash proceeds from exercise of warrants   -    -    464,950    - 
Cash proceeds from exercise of options   -    12,499    5,950    120,312 
Preferred stock dividends   (776,562)   (776,562)   (3,106,250)   (3,106,250)
Net cash used in financing activities of continuing operations   (776,562)   (764,063)   (12,633,354)   (3,313,535)
Net cash used in financing activities of discontinued operations   (12,000)   (170,840)   (773,658)   (805,138)
Net cash used in financing activities   (788,562)   (934,903)   (13,407,012)   (4,118,673)
                     
Net increase (decrease) in cash   13,000,547    (2,582,329)   1,781,394    1,858,199 
Cash at beginning of period   23,785,771    37,587,253    35,004,924    33,146,725 
Cash at end of year   36,786,318    35,004,924    36,786,318    35,004,924 
Less: Cash of discontinued operations at end of year   -    2,353,123    -    2,353,123 
Cash of continuing operations at end of year  $36,786,318   $32,651,801   $36,786,318   $32,651,801 
                     
Cash paid for interest and taxes                    
Cash paid during the period for interest  $-   $614,993   $1,461,032   $2,528,042 
Cash paid during the period for taxes  $184,791   $16,035   $667,262   $214,211 
                     
Non-cash investing and financing activities:                    
Cashless exercise of options  $-   $-   $1,315   $5,127 
Cashless exercise of warrants  $-   $-   $3,901   $16,305 
Stock issued for debt conversion  $-   $-   $1,000,000   $- 
Stock issued for asset acquisition  $-   $-   $303,000   $- 
Stock issued for noncontingent consideration payments  $-   $-   $-   $642,000 
Operating lease liabilities arising from obtaining right of use assets  $-   $(102,618)  $-   $6,372,148 

 

 

 

 

About the Use of Non-GAAP Financial Measures:

 

To supplement our financial information presented in accordance with GAAP, we use adjusted EBITDA as a non-GAAP financial measure to clarify and enhance an understanding of past performance. We believe that the presentation of this financial measure enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful financial metrics to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors.

 

Adjusted EBITDA is defined as net income (loss) attributable to LifeMD, Inc. common stockholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, non-controlling interests of discontinued operations, extraordinary litigation costs, loss on debt extinguishment, dividends, insurance acceptance and Sarbanes-Oxley readiness expenses, acquisition costs, severance expenses, stock-based compensation expense and net income from discontinued operations. We have provided below a reconciliation of adjusted EBITDA to net loss attributable to LifeMD, Inc. common stockholders, its most directly comparable GAAP financial measure.

 

We believe the above financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the terms adjusted EBITDA may vary from that of others in our industry. Adjusted EBITDA should not be considered as an alternative to net loss before taxes, net loss per share, operating loss or any other performance measures derived in accordance with GAAP as measures of performance.

 

Reconciliation of Net Income (Loss) Attributable to LifeMD, Inc. Common Stockholders to Adjusted EBITDA

(in whole numbers, unaudited)

 

   Fourth Quarter Ended December 31,   Year Ended December 31, 
   2025   2024   2025   2024 
Net income (loss) attributable to LifeMD, Inc. common stockholders  $19,187,103   $(5,715,227)  $11,247,856   $(24,515,266)
                     
Interest (income) expense (excluding amortization of debt discount)   (24,079)   510,510    1,126,598    1,773,630 
Depreciation, amortization and accretion expense   1,949,727    1,647,085    7,308,458    6,203,006 
Amortization of debt discount   -    100,444    234,369    401,775 
Loss on debt extinguishment   -    -    1,155,851    - 
Financing transactions expense   36,716    13,125    134,415    336,497 
Litigation costs (a)   573,894    376,030    2,273,355    1,698,531 
Severance costs   266,863    -    369,280    1,142,068 
Acquisitions expenses   211,836    537,662    1,995,042    537,662 
Insurance acceptance readiness   -    92,661    183,330    1,454,298 
Sarbanes Oxley readiness   -    134,891    -    521,361 
Taxes   176,925    598,000    208,748    598,000 
Preferred stock dividends   776,562    776,562    3,106,250    3,106,250 
Stock compensation expense   2,655,143    3,104,956    10,496,321    12,234,797 
Net income from discontinued operations   (21,030,505)   (1,426,807)   (25,852,024)   (2,315,252)
Net (loss) income attributable to noncontrolling interests of discontinued operations   (20,697)   311,838    1,265,685    548,875 
                     
Adjusted EBITDA  $4,759,487   $1,061,729   $15,253,533   $3,726,231 

 

(a) For the fourth quarter and year ended December 31, 2025 and 2024, the Company included costs related to: (1) a class action complaint  captioned Johnston v. LifeMD, Inc., et al., against the Company and certain executive officers alleging: (i) violations of Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder by all defendants for making false and misleading statements; and (ii) violations of Section 20(a) of the Securities Exchange Act of 1934, as amended, by the individual officer defendants for violating their duty to disseminate accurate and truthful information, (2) a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case), both disclosed in the Company’s Form 10-K for the year ended December 31, 2025, filed on March 9, 2026, and (3) a heavily negotiated executive separation agreement.

 

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